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From: Andrew Scott
Once you go past that magic 80% LVR with most lenders is when the lender's loan criteria become easier to meet than the insurance company's criteria. However, trying to find out what the criteria are for mortgage lenders insurance is very hard - sometimes the lenders themselves don't know, and there is no booklet listing them.
I have realised that the following are no-go's with respect to getting mortgage lenders insurance.
<UL><LI>Flats above shops</LI><LI>Flats smaller than 50 sq m in area</LI><LI>Serviced apartments</LI></UL>
Do different providers of the insurance have different criteria? Are there other blockers that I haven't listed here?
I'd appreciate help knowing what the ground rules are. Rolf.. I'm sure you can advise here!
Andrew Scott
Once you go past that magic 80% LVR with most lenders is when the lender's loan criteria become easier to meet than the insurance company's criteria. However, trying to find out what the criteria are for mortgage lenders insurance is very hard - sometimes the lenders themselves don't know, and there is no booklet listing them.
I have realised that the following are no-go's with respect to getting mortgage lenders insurance.
<UL><LI>Flats above shops</LI><LI>Flats smaller than 50 sq m in area</LI><LI>Serviced apartments</LI></UL>
Do different providers of the insurance have different criteria? Are there other blockers that I haven't listed here?
I'd appreciate help knowing what the ground rules are. Rolf.. I'm sure you can advise here!
Andrew Scott
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